The Nikkei 225 P/E ratio is 20.1x as of Apr 2026. The Nikkei 225 index is at 42,889 points.
Valuation is near historical average. The 20-year average P/E for the Nikkei 225 is approximately 18.0x.
Historical P/E ratios for the Nikkei 225 with data going back to 1997, covering Japan's market cycles from the post-bubble era through Abenomics to today.
The Nikkei 225 Price-to-Earnings ratio measures the aggregate valuation of Japan's benchmark price-weighted index of 225 large-cap companies on the Tokyo Stock Exchange Prime Market.
Popular ETFs include Nomura Nikkei 225 ETF (1321.T), Daiwa Nikkei 225 ETF (1320.T), and iShares Nikkei 225 ETF (1329.T) for JPY exposure, plus US-listed EWJ (iShares MSCI Japan ETF) for broader Japan exposure.
After three decades below its 1989 peak, the Nikkei surpassed previous highs in 2024 driven by corporate governance reforms, share buybacks, weak yen boosting exporter earnings, and renewed foreign investor interest.
Click any stock to see what 10,000 invested 10 years ago would be worth today.